Dycom Industries Q4 Results Top Estimate; Outlook Strong

(RTTNews) - Dycom Industries, Inc. (DY) reported net income for the fourth quarter of $33.8 million or $0.97 per share, compared to $16.5 million or $0.47 per share for the year-ago quarter.

Contract revenues for the fourth quarter rose to $578.5 million from $482.1 million a year ago.

Analysts polled by Thomson Reuters expected the company to earn $0.83 per share on revenue of $567.12 million for the fourth quarter.

Looking forward to the first quarter, the company forecasts total revenue of $615 million to $635 million and earnings of $0.96 to $1.04 per share. Analysts currently expect the company to earn $0.76 per share on revenue of $567.64 million for the first quarter.

Dycom also said that its Board of Directors has authorized an additional $50 million to repurchase shares of the company's outstanding common stock. The stock repurchases are authorized to be made over the next eighteen months in open market or private transactions, including through accelerated share repurchase agreements with one or more counterparties from time to time.

The company said it has substantially completed its previous share repurchase authorization of $40 million. As of August 24, the company had about 33.2 million shares of common stock outstanding, excluding the dilutive effect of stock options and unvested restricted stock.